Standard Chartered's launched a dedicated fintech venture investment unit

Lynsey Barber
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Standard Chartered is focusing on innovation (Source: Getty)

Standard Chartered is the latest bank to double down on fintech, setting up a dedicated unit for putting cash in to innovation.

SC Ventures will focus on startup investments and hot house development of technology for the bank through an innovation lab.

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“As new technology continues to play an ever more important role in banking, there is a huge opportunity for us to promote more innovation, and at the same time develop and deliver digital solutions that work for our clients and for us," said group chief information officer Michael Gorriz.

Exiting investments will be moved into the venture arm. That includes blockchain startup Ripple, the associated cryptocurrency of which has rocketed in 2018.

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The bank's global head of transaction banking Alex Manson will head up SC Ventures.

Other banks have already jumped on the fintech trend via separate corporate venture arms. Santander Innoventures has been the most active over the last five years, according to CB Insights.

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